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FRS | RIN: 7100-AE15 | Publication ID: Spring 2015 |
Title: Regulations H & Y--Minimum Requirements for Appraisal Management Companies (Docket No: R-1486) | |
Abstract:
The Office of the Comptroller of the Currency (OCC), the Board of Governor of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), the Bureau of Consumer Financial Protection (Bureau), and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies), are jointly proposing a rule to implement section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and establish minimum standards to be applied by participating States in the registration and supervision of appraisal management companies (AMCs). The proposed rule also implements the requirements in section 1473 for States to report to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) the information required by the Appraisal Subcommittee (ASC) to administer the new national registry of appraisal management companies (AMC National Registry or Registry). All non-federally regulated appraisal management companies operating in a participating State will be required to register in order to be eligible to engage in Federally related transactions. AMCs that are owned by institutions regulated by a Federal financial institutions regulatory agency are exempt from the requirement to register with the States but must submit information for their inclusion in the National Registry. |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 208 12 CFR 225 | |
Legal Authority: 12 U.S.C. 3310 12 U.S.C. 3331 12 U.S.C.3332 12 U.S.C.3353 ... |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Carmen Holly Lead Financial Institution Policy Analyst Federal Reserve System Division of Supervision & Regulation, Washington, DC 20551 Phone:202 973-6122 Walter McEwen Senior Counsel Federal Reserve System Legal Division, Washington, DC 20429 Phone:202 452-3321 |